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International Financial Architecture: What's New? What's Missing?, The

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  • Peter B. Kenen

Abstract

Shortly after the Mexican crisis of 1994-95, the major industrial countries undertook to strengthen the international financial architecture. They sought to reduce the risk of future crises by increasing the availability of information about economic conditions in emerging-market countries and strengthening the financial systems of those countries. They sought better ways to manage future crises, including ways to involve private-sector creditors in crisis management.In this book, Peter B. Kenen reviews the reform effort and assesses the results. He shows how the effort was influenced by the Asian, Russian, and Brazilian crises. He compares the results of the effort with the more radical recommendations of outside experts and of the Meltzer Report, and examines the implications of the reform effort for the role of the International Monetary Fund (IMF).Kenen finds that there have been useful innovations but calls for bolder efforts aimed at five objectives: (1) increasing the usefulness of IMF surveillance by focusing it sharply on the sustainability of national policies, exchange rates, and debt profiles; (2) narrowing the scope of IMF conditionality by ceasing to treat acute crises as opportunities to achieve fundamental reforms; (3) providing incentives to foster financial reform in emerging-market countries and, in the interim, encouraging them to limit short-term foreign borrowing by their banks and corporations; (4) using the IMF's resources more effectively by making less money available but disbursing it more rapidly; and (5) enlisting the private sector in crisis management by introducing roll-over clauses into short-term debt contracts and collective-action clauses into long-term debt contracts.

Suggested Citation

  • Peter B. Kenen, 2001. "International Financial Architecture: What's New? What's Missing?, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 335, January.
  • Handle: RePEc:iie:ppress:335
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    Cited by:

    1. Tavlas, George & Dellas, Harris & Stockman, Alan C., 2008. "The classification and performance of alternative exchange-rate systems," European Economic Review, Elsevier, vol. 52(6), pages 941-963, August.
    2. Eichengreen, Barry & Kletzer, Kenneth & Mody, Ashoka, 2003. "Crisis Resolution: Next Steps," Santa Cruz Center for International Economics, Working Paper Series qt4cj974r4, Center for International Economics, UC Santa Cruz.
    3. Bolton, Patrick & Jeanne, Olivier, 2005. "Structuring and Restructuring Sovereign Debt: The Role of Seniority," CEPR Discussion Papers 4901, C.E.P.R. Discussion Papers.
    4. von Hagen, Jürgen & Kube, Sebastian & Selten, Reinhard & Pope, Robin, 2006. "Experimental Evidence on the Benefits of Eliminating Exchange Rate Uncertainties and Why Expected Utility Theory causes Economists to Miss Them," Bonn Econ Discussion Papers 28/2006, University of Bonn, Bonn Graduate School of Economics (BGSE).
    5. Ali, Amjad, 2022. "Determining Pakistan's Financial Dependency: The Role of Financial Globalization and Corruption," MPRA Paper 116097, University Library of Munich, Germany.
    6. Sebastian Edwards & Roberto Rigobon, 2005. "Capital Controls, Exchange Rate Volatility and External Vulnerability," NBER Working Papers 11434, National Bureau of Economic Research, Inc.
    7. Takatoshi ITO, 2007. "Asian Currency Crisis and the International Monetary Fund, 10 Years Later: Overview," Asian Economic Policy Review, Japan Center for Economic Research, vol. 2(1), pages 16-49, June.
    8. Suominen Kati, 2010. "Insuring Against Instability: United States and the Future of the International Monetary Fund," Global Economy Journal, De Gruyter, vol. 10(3), pages 1-23, October.
    9. José Antonio Ocampo, 2017. "Resetting the International Monetary (Non)System," Books, Red Investigadores de Economía, number 2017-11, May.
    10. Mr. Jeromin Zettelmeyer & Mr. Jonathan David Ostry & Mr. Olivier D Jeanne, 2008. "A Theory of International Crisis Lending and IMF Conditionality," IMF Working Papers 2008/236, International Monetary Fund.
    11. Muhammad Handry Imansyah & Armin J. Kammel, 2009. "Forecasting Financial Crises by Applying the “Temple Model of Financial Crises” Against the Background of the Indonesian Experience," Economics and Finance in Indonesia, Faculty of Economics and Business, University of Indonesia, vol. 57, pages 277-306, December.
    12. Ghosh, Saibal, 2005. "Evolving International Supervisory Architexture: Design, Rationale and Policy Reforms," MPRA Paper 17180, University Library of Munich, Germany.
    13. Mr. Patrick Bolton, 2003. "Toward a Statutory Approach to Sovereign Debt Restructuring: Lessons From Corporate Bankruptcy Practice Around the World," IMF Working Papers 2003/013, International Monetary Fund.
    14. Jeffrey A. Frankel & Nouriel Roubini, 2001. "The Role of Industrial Country Policies in Emerging Market Crises," NBER Working Papers 8634, National Bureau of Economic Research, Inc.
    15. Jeon, Bang Nam, 2012. "Progress and prospects of regional financial arrangements and cooperation in East Asia: a critical survey," MPRA Paper 36621, University Library of Munich, Germany.
    16. Mr. Abbas Mirakhor & Mr. Iqbal Mehdi Zaidi, 2006. "Rethinking the Governance of the International Monetary Fund," IMF Working Papers 2006/273, International Monetary Fund.
    17. Martin Parkinson & Adam McKissack, 2003. "The IMF and the Challenge of Relevance in the International Financial Architecture," Treasury Working Papers 2003-01, The Treasury, Australian Government, revised Oct 2003.
    18. Auboin, Marc, 2004. "The trade, debt and finance nexus: at the cross-roads of micro- and macroeconomics," WTO Discussion Papers 6, World Trade Organization (WTO), Economic Research and Statistics Division.
    19. Carlo Gola & Francesco Spadafora, 2009. "Financial Sector Surveillance and the IMF," IMF Working Papers 2009/247, International Monetary Fund.
    20. Peter B. Kenen & Ellen E. Meade, 2006. "Monetary integration in East Asia," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.

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